The importance of cybersecurity for Moldovan businesses

The era of technology dominance has already arrived. Human life is increasingly intertwined with the digital landscape. Banking, government agencies, mobile operators and even top politicians are the most at risk from cyberattacks.

Cybersecurity specialists in Moldova, as in the rest of the world, are already the most in demand among all IT professionals.

Data protection is necessary and this is not up for debate

The issue of cybersecurity affects our personal, social and economic lives. People are increasingly using digital platforms. We have long been using them not only to communicate, but also to conduct commercial transactions and to store critical and valuable information. Very soon, cyber security in Moldova will also affect state structures due to global digitalisation. Thus, the potential impact of cyber threats can cause widespread damage, including to the country's businesses.

Conceptual measures must be taken to protect hardware and software. It is important to guarantee a secure digital existence.

The key reasons emphasising the need for IT security are:

1. Data protection

Data today is worth more than gold. Leakage of confidential information threatens to disrupt contracts and deals worth tens and hundreds of millions of dollars. You need to protect your business from unauthorised access to data for the purposes of data theft and compromise.

2. Protection of the financial sector

The costs incurred by banking institutions and their depositors (including commercial organisations) in dealing with the consequences of cyberattacks and restoring compromised data are incredibly high. In addition, the reputation of companies suffers - ordinary citizens and business partners lose trust. It takes not only years, but also serious investments to resuscitate your reputation. It is better to spend money on quality cyber security today than to go bankrupt tomorrow.

3. Operational continuity

Data protection mechanisms controlled by IT systems enable the smooth day-to-day operations of companies and organisations. They protect business processes in real time from disruptions provoked by cyber-intruders.

4. National security

Cyber threats can have consequences that in the long term will affect not only individual organisations, but the security of the nation as a whole. Moldova, as a strong European power, has an obligation to ensure that its cyber security posture is as strong as possible.

This is not just the defence of collective national interests, but also prestige on the world stage. International partners will think 1000 times whether it is worth starting joint business projects with residents of a country where IT security is not at a decent level.

Effective data protection in Moldova should be a priority. The chaos that would befall us with failures in power grids, financial institutions, and the healthcare system could be unimaginable. Cybersecurity is the shield that will keep our digital assets intact and confidential. If we take care of it in a timely and appropriate manner today, it will prevent crisis situations in our daily lives tomorrow.

Those wishing to improve the digital security of the Republic can start training now. There are many ways to do this courses.

Moldova's cyber security. What consequences can we expect

The hacker attacks of past years and recent times are becoming a stark indication of the potential consequences we cannot avoid if the digital security of our financial and business environment is inadequate:

• February 2024. Cyberattack on Poșta Moldovei. Thousands of people were unable to use the postal service, resulting in huge queues.
• 2023. In September, unknown cyber-terrorists attacked the websites of many Moldovan government agencies and independent media outlets. Energy companies such as Moldelectrica, Premier Energy, information portals Ziarul de Gardă, Nokta, Newsmaker and many other organisations were affected.
• 2023 (January). A wave of fraudulent and phishing attacks on public institutions of the Republic.
• August 2022. An attack by Russian hackers on the Republic's Tax Service, which paralysed the work of the state structure.
• November 2022. Unknown cyber-attackers hacked the Telegram channels of Moldovan President Maia Sandu and Deputy Prime Minister Andrei Spinu.

And these are just a few examples from recent years that vividly illustrate the importance of cybersecurity in our country.

That is why such powerful representatives of the Moldovan financial sector as, for example, MAIB bank, are simply obliged to take appropriate measures already now. And the bank's management is already making confident steps in this direction. A new internet banking for legal entities has been introduced. The updated version is not only more convenient and operative, but also guarantees greater protection of information related to commercial secrets.

In order to increase the protection of the financial sector, state institutions and ordinary citizens, the Ministry of Information Technology has developed a programme aimed at ensuring cyber security in the Republic. It provides for the implementation of the Council of Europe Convention on Cybercrime. The recommendations of the International Telecommunication Union in this area will be taken into account.

The country is promoting the National Strategy "Digital Moldova 2020" for the development of the information society. A number of effective measures have been developed to ensure information security. A draft law has been approved to strengthen the security of the digital space.

Already in the current (2024) year, the organisation of new national agencies was announced at the Cybersecurity Forum. Their main and only task will be to take care of information protection in Moldova. Among others, the Information Technology and Cyber Security Service under the Government of the Republic is dealing with this issue today.

As you can see from all of this - cyberspace security is the number one priority in our republic today.

Cyber resilience. How IT security systems work

The approach to organising and managing cyber security must be comprehensive. Vulnerability to cyber threats is assessed based on the specifics of a particular system:

• A great deal of attention should be paid to raising awareness among citizens doing business and working in financial institutions. Appropriate educational initiatives are also needed. Not only private companies that train future IT specialists, but also the government should be interested in training qualified IT security specialists. Efforts in this direction are of primary importance.
• Controls need to be strengthened over access to systems, applications and data whose fraudulent use could lead to dire results. As soon as a threatening incident occurs, procedures are put in place to minimise potential harm.
• Monitoring tools must be in operation at all times. They continuously check networks and systems. Any hazards and abnormal situations must be identified instantly.
• It is also important for every business to take care of building a secure technology infrastructure. Their information base must be protected by firewalls, encryption and intrusion detection systems. There are rules and standards by which business cybersecurity is organised in all countries these days.

The problem of cyber security in Moldova today has become as acute as possible. That is why the issue of training domestic data protection specialists is so important. This area is also a priority for our website techdoor.md.